Published Online:November 2024
Product Name:The IUP Journal of Marketing Management
Product Type:Article
Product Code:MM081124
Author Name:Sunil Joseph Aand Shiny C M
Availability:YES
Subject/Domain:Marketing
Download Format:PDF
Pages:29
Elderly consumers’ vulnerability to mobile banking services is investigated in this paper considering its importance in the current digital landscape. Understanding the vulnerability of elderly consumers is vital to ensure comprehensive and safe financial services. Responses from 330 customers aged 60 years and above were collected by administering a survey questionnaire. The data was analyzed using Structural Equation Modeling (SEM) through AMOS software package. Regression and covariance analyses were also employed to identify the complex correlations between various constructs and their bearing on vulnerability. The results show that elderly consumers’ vulnerability to mobile banking services is positively influenced by safety skepticism, technology distrust, perceived process complexity, technological incompetence, resistance to change, and impersonalized services. These outcomes establish the complexity of consumer vulnerability, showing how psychological factors, technological developments, and service features influence senior consumers’ predisposition to mobile banking threats. The findings would be of help to banking and financial institutions to address the concerns of elderly consumers with regard to mobile banking services. Personalized support, streamlined procedures, and improved security are essential for fostering confidence. And to stimulate digital inclusion and financial wellbeing among the elderly, more research is required on user-friendly interfaces.
In the 21st century, a prominent demographic shift is the aging population, which is affecting both developed and developing economies. India is rapidly becoming an aging nation, with the elderly population increasing significantly. In 2001, there were 77 million elderly individuals in India, which grew to 104 million by 2011, with an annual growth rate of 2.7%. By 2025, India’s elderly population is projected to reach 180 million and is anticipated to exceed 200 million by 2030.